Barrick Gold Profile
Barrick Gold Corporation (Barrick) engages in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. Barrick also produces significant amounts of copper, principally from its Zaldívar joint venture, Jabal Sayid joint venture and its Lumwana mine and holds other interests.
Nevada Gold Mines (61.5% basis)
In connection with the establishment of Nevada Gold Mines on July 1, 2019, Barrick’s Cortez, Goldstrike, Turquoise Ridge and Goldrush properties, and Newmont’s Carlin, Twin Creeks, Phoenix, Long Canyon and Lone Tree (which was divested in 2021 as part of the asset exchange agreement with i-80 Gold) properties were contributed to the joint venture.
This represents Barrick’s 61.5% interest in Cortez, Carlin (including Goldstrike and Nevada Gold Mines’ 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter), Turquoise Ridge (including Twin Creeks), Phoenix and Long Canyon.
Carlin
Barrick’s 61.5% interest in Carlin produced approximately 966 thousand ounces of gold at cost of sales attributable to gold. Barrick is the operator of the Nevada Gold Mines joint venture, including the Carlin Complex.
The amounts presented represent Barrick’s 61.5% interest in Carlin (including Nevada Gold Mine’s 60% share of South Arturo up until May 30, 2021 and 100% interest thereafter).
At Carlin, the company expects its equity share of 2023 gold production to be in the range of 910 - 1,000 thousand ounces, in line with 2022 production levels.
Cortez
Barrick’s 61.5% interest in Cortez produced approximately 450 thousand ounces of gold. Barrick is the operator of the Nevada Gold Mines joint venture, including the Cortez property.
At Cortez, the company expects its equity share of 2023 gold production to be in the range of 580 - 650 thousand ounces, higher than 2022 production levels.
Turquoise Ridge
Barrick’s 61.5% interest in Turquoise Ridge produced approximately 282 thousand ounces of gold. Barrick is the operator of the Nevada Gold Mines joint venture, including the Turquoise Ridge Complex.
Other Mines - Nevada Gold Mines
Barrick’s 61.5% interest in Phoenix produced approximately 109 thousand ounces of gold. At Phoenix, the company expects its equity share of 2023 gold production to be in the range of 100 - 120 thousand ounces, in line with 2022 production levels.
Barrick’s 61.5% interest in Long Canyon produced approximately 55 thousand ounces of gold. At Long Canyon, the company expects its equity share of 2023 gold production to be in the range of 0 - 10 thousand ounces, lower than 2022 production levels. Barrick is the operator of the Nevada Gold Mines joint venture, including the Phoenix and Long Canyon mines.
Pueblo Viejo (60% basis)
Barrick’s 60% interest in the Pueblo Viejo mine produced approximately 428 thousand ounces of gold. Barrick is the operator of the joint venture.
At Pueblo Viejo, the company expects its equity share of 2023 gold production to be in the range of 470 - 520 thousand ounces, higher than 2022 production levels.
Loulo-Gounkoto (80% basis)
Barrick’s 80% interest in Loulo-Gounkoto produced approximately 547 thousand ounces of gold. At Loulo-Gounkoto, the company expects its equity share of 2023 gold production to be in the range of 510 - 560 thousand ounces, in line with 2022 production levels.
Kibali (45% basis)
Barrick’s 45% interest in Kibali produced approximately 337 thousand ounces of gold.
Veladero (50% basis)
Barrick’s 50% interest in the Veladero mine produced approximately 195 thousand ounces of gold.
Minera Andina del Sol SRL (MAS) is the subject of a consolidated regulatory proceeding by the San Juan Provincial mining authority in respect of operational incidents that occurred in March 2017 and September 2016 involving the release of gold-bearing process solution.
The governance, ownership and joint operation of the Veladero joint venture is governed by the terms of a shareholders’ agreement between Barrick and Shandong.
North Mara (84% basis)
North Mara produced approximately 263 thousand ounces of gold. At North Mara, the company expects its equity share of 2023 gold production to be in the range of 230 - 260 thousand ounces, lower than 2022 production levels.
Bulyanhulu (84% basis)
Bulyanhulu produced approximately 196 thousand ounces of gold.
At Bulyanhulu, the company expects its equity share of 2023 gold production to be in the range of 160 - 190 thousand ounces, lower than 2022 production levels.
Other Mines (Gold)
Tongon produced approximately 180 thousand ounces of gold.
Other Mines (Copper)
Lumwana produced approximately 267 million pounds of copper at cost of sales attributable to copper. At Lumwana, the company expects 2023 copper production to be in the range of 260 - 290 million pounds, in line with 2022 production levels.
Barrick’s 50% interest in Zaldívar produced approximately 98 million pounds of copper. At Zaldívar, the company expects its equity share of 2023 copper production to be in the range of 100 - 110 million pounds, higher than 2022 production levels. Barrick’s 50% interest in Jabal Sayid produced approximately 75 million pounds of copper.
At Jabal Sayid, the company expects its equity share of 2023 copper production to be in the range of 65 - 75 million pounds, in line with 2022 production levels.
Gold Resources
As of December 31, 2022, Barrick’s attributable measured and indicated gold resources were 180 million ounces at an average grade of 1.07 g/t.
Joint Ventures
The company holds an indirect interest in a number of joint ventures and properties, including Nevada Gold Mines in Nevada (61.5%), the Veladero mine in Argentina (50%), the Zaldívar copper mine in Chile (50%), the Pueblo Viejo mine in the Dominican Republic (60%), the Porgera mine in Papua New Guinea (in which the company’s 47.5% interest is expected to be reduced to a 24.5% interest following the implementation of the Commencement Agreement), the Tanzanian mines (84%), the Jabal Sayid copper mine in Saudi Arabia (50%), the Kibali mine in the DRC (45%), the Loulo-Gounkoto complex in Mali (80%), the Tongon mine in CÔte d’Ivoire (89.7%), the Norte Abierto project in Chile (50%) and the Reko Diq project in Pakistan (50%), the remaining interests in which are held by third parties. Barrick’s interests in these properties are subject to the risks customarily associated with the conduct of joint ventures, including disagreement with joint venture partners on how to develop and operate the mine efficiently or, in the case of exploration projects, on the exploration plan and related expenditures; inability to exert influence over certain strategic decisions; inability of joint venture partners to meet their obligations; and litigation regarding joint venture matters.
Strategy
The company’s strategy is to operate as business owners by attracting and developing world-class people who understand and are involved in the value chain of the business, act with integrity and are tireless in their pursuit of excellence.
History
Barrick Gold Corporation was founded in 1983.
